A: we don't know what program this is. It probably has nothing to do with sega.
B: "Hacking" a program isn't illegal- Although it might be against the EULA. On the other hand, we don't know what the EULA is since we don't know what program it is!
Additionally- I was wrong- only PART of it is a executable file- the executable itself doesn't start until the "MZ"; So it appears, as the OP himself said, that this is some form of compressed archive file he cannot open, which happens to contain a program. It is no different, then if somebody asked for help with a ZIP file that contained an executable, and, not knowing otherwise, pasted the crud that notepad shows when you open the zip file with it.